T&G union claims pensions compensation will amount to ‘peanuts’

The
pensions compensation fund will mean most people who have lost out on their
pension will get ‘peanuts’ from the Government, according to the T&G union.

The
Government announced a pensions compensation fund of £400m over 20 years in
May. However, the union claims this only equates to 96p a day for each of the
60,000 workers who lost their pensions when their companies went bust.

Tony
Woodley, T&G general secretary, said: "We will be speaking to
ministers to ensure that more money is injected into the fund so that everyone
who has been cheated out of their pension will be compensated.”

He
suggested extra funds be raised by placing a windfall tax on excessive bank
profits.